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SEC 1245. Imposition of sanctions with respect to the financial sector of Iran
(a) Findings
Congress makes the following findings:
(1) On November 21, 2011, the Secretary of the Treasury issued a finding under section 5318A of title 31 that identified Iran as a jurisdiction of primary money laundering concern.
(2) In that finding, the Financial Crimes Enforcement Network of the Department of the Treasury wrote, "The Central Bank of Iran, which regulates Iranian banks, has assisted designated Iranian banks by transferring billions of dollars to these banks in 2011. In mid-2011, the CBI transferred several billion dollars to designated banks, including Saderat, Mellat, EDBI and Melli, through a variety of payment schemes. In making these transfers, the CBI attempted to evade sanctions by minimizing the direct involvement of large international banks with both CBI and designated Iranian banks.".
(3) On November...
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[5-4-24 amendment. See Iran-China Energy Sanctions Act of 2023, and comments thereto, which amends Section 1245(d) of the National Defense Authorization Act for Fiscal Year 2012 to target certain China/Iran-related transactions. The below has not yet been amended to reflect this fact]
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1) Section 1245 of the National Defense Authorization Act for Fiscal Year 2012 is one of the six "self-containing," OFAC-administered pieces of Iran-related secondary sanctions legislation [1]. It was amended substantially by the TRA (2012) and IFCA (2013).
For ordinary compliance purposes, the text of the statute is not particularly relevant, since the...